$1$

Required information

$[$The following information applies to the questions displayed below.$]$

On January $1,$ when the market interest rate was $8$ percent, Seton Corporation completed a $$190,000,7$ percent bond

issue for $$177,252.$ The bonds pay interest each December $31$ and mature in $10$ years. Assume Seton Corporation uses

the effective$-$interest method to amortize the bond discount.

Required:

& $2.$ Prepare the required journal entries to record the bond issuance and the first interest payment on December $31.($If no entry

is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Round your answers to

the nearest whole dollar.$)$

Journal entry worksheet

Record the issuance of bonds for $$177,252$ with a face value of $$190,000.$

Note: Enter debits before credits.